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life insurance cover you need

How much life insurance cover you need?

by Holistic Leave a Comment | Filed Under: Insurance

Listen to this article



No one likes to talk about death. We must accept the fact that everyone born in this world must face the reality of death. Not only losing the loved ones, most of the times, families get into serious financial crisis. The health of the elderly parents, education of children, and life of the spouse are put under a big question mark when the bread winner dies.

What can be done in such scenarios? Life insurance comes in as a friend in deed.

Ok, how do I know how much life insurance I need to secure my family? Do all of us require life insurance? Read ahead to learn whether you need any life insurance to take. If so, the rules on calculating how much life insurance you REALLY need.

Life Insurance and Marital Status

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If you are young and single, you do not worry much about having a life insurance policy. Life insurance becomes essential when you are married. Your spouse and then children become depending on you. Even if both the spouses earn, there will be an impact created financially when one spouse dies. You can opt for a smaller insurance policy when both the spouses have reliable monthly income. In case of single spouse earning, you require a policy with higher coverage.

Life Insurance and Dependents

Let us explain this with an example of policy owner (Husband) with two dependents (wife & child). The current age and income of the husband, routine and planned expenditure will determine the policy one needs to take in this scenario.If you are young with a small child, the education of the child is the major expense here.

Age and premium are directly related. As you age, premium goes up. You can opt for a higher coverage policy at a young age for a lower premium.

Life Insurance and Earning Power

Life insurance (the amount) must cover the earning power of the deceased. Take an example of one family where the bread winner earns Rs.1,00,000 per month. If something happens to the breadwinner, the interest income from the insurance policy claim proceeds must be at least Rs. 1,00,000 per month. Considering the fluctuation in money value due to inflation, better option would be to take a policy that gives more than Rs.1,00, 000 per month.

Life Insurance and Debt

The policy coverage must be higher when you have a debt to cover. If the deceased had a bulk house loan to pay, imagine the situation the family is put into. When you have loans or other debts, consider taking a policy with higher coverage. At the same time, check your affordability to pay the premium along with the EMI connected to your loan.

The family of the deceased person needs money to run their routine life and also they need to repay the loan. So whenever we go for a loan, we need to cover the principal outstanding with a proper term insurance cover.

Life insurance is not for everyone

Life insurance policy is not necessary, if you

– do not have dependents
– have assets to take care of dependents
– have no debts
– are young and have just started earning
– remain single all through your life

Remember, life insurance is not an investment. It is a tool to protect your family in case of misshapes occur due to death. Even though, the key deciding factors are given here, every situation can be different. Professionals can help you calculate the life insurance cover that suits your requirements well.

Next Steps

1) Take all your insurance policies and find out what is the total insurance cover you have.

2) Based on the tips in this article calculate, how much life insurance cover you need.

3) Deduct the answer of the step 1 from step 2

4) The answer of step 3 is the gap in your life insurance. You need to take additional life insurance cover to that extent.

5) Compare the online term insurance premium for the sum assured decided above in various insurance companies and opt for the cheap and best policy.

Calculate and take the right insurance cover for you and protect your family’s lifestyle forever. To take the right life insurance and other investments, preparing a fundamentally strong, fool proof financial plan is required. If you would like to create such a financial plan, then I would firmly vouch for you to take advantage of

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Lingesh MMG
Lingesh MMG
20. September, 2023.
Na eppo tha financial goal la enna therunju kitta..enaku full support panna thuku thank you..🥰 friendly nalla pesuninga...
Ravi L
Ravi L
15. August, 2023.
Very knowledgeable and professional team, guided me with the precise financial solutions and timely suggestions.
Hardik Dave
Hardik Dave
5. July, 2023.
Holistic Investment is really nice and trust worthy financial planner. They plan things in realistic manner and also consider future dimensions of items also. They are always available for small or big queries, and also share knowledge and help you become more financial literate, and take right decisions in all financial matters.
Dr. Padmakar Wagh
Dr. Padmakar Wagh
27. June, 2023.
Mr Ramalingam who is the Director of Holistic investments has a excellent financial planning knowledge, the entire Holistic team has been very helpful in my financial planning journey and execution. This is my third year of financial planning with Holistic investments and so far I am satisfied with the progress I have made.
Binamra Dash
Binamra Dash
13. June, 2023.
Very knowledgeable team. Guided me properly with my concerns.
Murugan Bala
Murugan Bala
16. May, 2023.
I have been investing through Holistic for the past 4 years and my experience with them have been really good. The team of Rajan and Ramalingam doing excellent services in meeting my needs through proper guidance on investment options customized. Theya re always available on any specific needs time to time.I would recommend their services to my friends and colleagues too.
Neeraja R K
Neeraja R K
15. May, 2023.
Working with holistic investment planners was a really wonderful experience for me. For me the entire team had been very supportive in all ways. Their working strategy is well planned and methodical. They always keep me informed and updated about my investments, so that i can take informed decisions. The team first helps us understand the basics of investments, then they collect data, work with the data and then provide investments solutions according to our goals which i find it the best. Good luck to the entire team.
deepika kulkarni
deepika kulkarni
21. April, 2023.
We have availed holistic service from last couple of years and are very happy with our decision. Their systematic approach has helped us plan our finances and meet our goals. They provide very comprehensive and detail plan and resource management every 6 months which ensures we are on right track to achieve our goals. Rajan and Ramalingam from holistic are always there to help us with our queries. They have also accommodated any changes to our goals or resources mid year in a professional manner.
Ashook Panneerselvam
Ashook Panneerselvam
21. March, 2023.
For the past year, I have been interacting with Holistic Investment. I frequently read Nanayam Vikatan, which is a publication owned by the Vikatan family, and I was impressed by their financial advice. My brother also suggested holistic investing, and he also got excellent financial advice. Holistic Investment follows a methodical approach that I really liked because they first fully understand our financial situation "As Is," which includes "Assets" and "Liabilities," as well as our short-, mid-, and long-term goals, on the basis of which they provide a detailed plan on how to achieve our goals for which they are recommending various investment options. Even in the investment advice, why do they suggest particular mutual funds and what is the justification behind it, which adds transparency to the client. One essential factor is that they are always available. Even if I needed to make some urgent financial decisions, they were very helpful and kind to answer my questions via phone calls, WhatsApp messages, and emails. I was very happy with their service. Periodic reviews are also crucial, even though I have forgotten that they occur once every three months, and I also intend to renew this year.
Mahesh S
Mahesh S
19. February, 2023.
I have availed Holistic investment service for last 1yr against my early retirement decision. they provided me comprehensive detailed report how to move ahead with my existing resources. moreover, they are available to me whenever i have any doubt.. highly recommend others to avail their service
Google rating score: 4.5 of 5,
based on 104 reviews

Google Reviews

Lingesh MMG
Lingesh MMG
20. September, 2023.
Na eppo tha financial goal la enna therunju kitta..enaku full support panna thuku thank you..🥰 friendly nalla pesuninga...
Ravi L
Ravi L
15. August, 2023.
Very knowledgeable and professional team, guided me with the precise financial solutions and timely suggestions.
Hardik Dave
Hardik Dave
5. July, 2023.
Holistic Investment is really nice and trust worthy financial planner. They plan things in realistic manner and also consider future dimensions of items also. They are always available for small or big queries, and also share knowledge and help you become more financial literate, and take right decisions in all financial matters.
Dr. Padmakar Wagh
Dr. Padmakar Wagh
27. June, 2023.
Mr Ramalingam who is the Director of Holistic investments has a excellent financial planning knowledge, the entire Holistic team has been very helpful in my financial planning journey and execution. This is my third year of financial planning with Holistic investments and so far I am satisfied with the progress I have made.
Binamra Dash
Binamra Dash
13. June, 2023.
Very knowledgeable team. Guided me properly with my concerns.
Murugan Bala
Murugan Bala
16. May, 2023.
I have been investing through Holistic for the past 4 years and my experience with them have been really good. The team of Rajan and Ramalingam doing excellent services in meeting my needs through proper guidance on investment options customized. Theya re always available on any specific needs time to time.I would recommend their services to my friends and colleagues too.
Neeraja R K
Neeraja R K
15. May, 2023.
Working with holistic investment planners was a really wonderful experience for me. For me the entire team had been very supportive in all ways. Their working strategy is well planned and methodical. They always keep me informed and updated about my investments, so that i can take informed decisions. The team first helps us understand the basics of investments, then they collect data, work with the data and then provide investments solutions according to our goals which i find it the best. Good luck to the entire team.
deepika kulkarni
deepika kulkarni
21. April, 2023.
We have availed holistic service from last couple of years and are very happy with our decision. Their systematic approach has helped us plan our finances and meet our goals. They provide very comprehensive and detail plan and resource management every 6 months which ensures we are on right track to achieve our goals. Rajan and Ramalingam from holistic are always there to help us with our queries. They have also accommodated any changes to our goals or resources mid year in a professional manner.
Ashook Panneerselvam
Ashook Panneerselvam
21. March, 2023.
For the past year, I have been interacting with Holistic Investment. I frequently read Nanayam Vikatan, which is a publication owned by the Vikatan family, and I was impressed by their financial advice. My brother also suggested holistic investing, and he also got excellent financial advice. Holistic Investment follows a methodical approach that I really liked because they first fully understand our financial situation "As Is," which includes "Assets" and "Liabilities," as well as our short-, mid-, and long-term goals, on the basis of which they provide a detailed plan on how to achieve our goals for which they are recommending various investment options. Even in the investment advice, why do they suggest particular mutual funds and what is the justification behind it, which adds transparency to the client. One essential factor is that they are always available. Even if I needed to make some urgent financial decisions, they were very helpful and kind to answer my questions via phone calls, WhatsApp messages, and emails. I was very happy with their service. Periodic reviews are also crucial, even though I have forgotten that they occur once every three months, and I also intend to renew this year.
Mahesh S
Mahesh S
19. February, 2023.
I have availed Holistic investment service for last 1yr against my early retirement decision. they provided me comprehensive detailed report how to move ahead with my existing resources. moreover, they are available to me whenever i have any doubt.. highly recommend others to avail their service
Google rating score: 4.5 of 5,
based on 104 reviews

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